It was another strong week for Bitcoin. Dollar prices are up about 2.5 percent on the week, though that’s still down from a recent high of $ 13,400. At one point, Bitcoin was down 4% in 24 hours. But the bulls remain bullish and see the price rise to $ 20,000 levels, possibly as early as March. Future price movements will depend on a number of factors, including whether or not banks follow Paypal to accept cryptocurrencies; size is expected to counteract new coronavirus outbreaks; and the model of the hash rate, among other factors. One point of volatility can happen at the end of the month: that’s when the BTC options market reaches $ 750 million expires. Meanwhile, a large amount of Bitcoin is on the move. A whale recently transferred a billion dollars in Bitcoin. It cost them 3.58 dollars.
Despite that volatility, Anthony Pompliano, co-founder of Morgan Creek Digital, argued that Bitcoin has split from its correlation with the stock market and is now a safe haven for investors. Mike Novogratz agrees. He sees Bitcoin as a digital gold: a good way to store value but not something that will function as a currency in the next five years. However, that opportunity may only be for Bitcoin. Altcoins are doing less well; For example, Ethereum appears to be relatively weak despite the growing strength of Bitcoin.
Some companies have performed well thanks to that strength. Business intelligence firm MicroStrategy has made more than $ 100 million in profits from its Bitcoin investments. It’s not just business analysis. Visa can be difficult to track them down. The US Department of Justice is currently investigating the company’s acquisition of Plaid, a fintech firm.
The government has also investigated social media. A Senate Commerce Committee hearing gave the CEOs of Google, Facebook and Twitter, a party. One solution to companies’ lack of content censorship, however, could be open source algorithms.
Senators were not alone in partisan hacks. A group of hackers hijacked President Trump’s campaign website. The hackers say they have evidence proving the president “invades and cooperates criminals with foreign agents” (sic) … and requests funding.
In Japan, a group of companies have come together to create a commercial data management system based on blockchain. In Siberia, a new Bitcoin mine will create 100 jobs. Singapore’s largest bank, DBS, is launching an exchange to swap fiat for cryptocurrencies. And in China, charities are using blockchain to give donors confidence as they donate money to people in Wuhan, at the heart of the coronavirus outbreak. However, in the US, while Nasdaq CEO Adena Friedman has said that machine learning and cloud technology will drive growth in the capital markets, blockchain adoption is “complicated” and “will be lost. more time”.
At least the art world is moving forward. From blockchain-inspired art to cryptocurrency arts and digital markets, artists and auctioneers have found new opportunities in blockchain technology. Another reason for optimism.
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